Giuliani: Trump following economic model of JFK, Reagan and me

This is a rush transcript from "On the Record," August 8, 2016. This copy may not be in its final form and may be updated.

GRETA VAN SUSTEREN, FOX NEWS HOST: Tonight, it's all about you. Yes, you. Jobs, money, taxes, Donald Trump says he can fix it all and today showing off his business skills on the campaign trail.

The presidential candidate unveiling his entire economic plan.

In moments, former New York City Mayor Rudy Giuliani goes ON THE RECORD. But, first, Donald Trump in his own words.


DONALD TRUMP, U.S. REPUBLICAN PRESIDENTIAL NOMINEE: One common feature of every Hillary Clinton idea is that it punishes you for working and doing business in the United States.


Every policy she has tilts the playing field towards other countries at our expense. And that's why she tries to distract us with tired political rhetoric that seeks to label us, divide us, and pull us apart.

Hillary Clinton short-circuited again to use a now famous term when, she accidentally told the truth and said that she wanted to raise taxes on the middle class.

I want to jump start America and it can be done. And it won't even be that hard.


If sent to the Oval Office, Hillary Clinton will enact the TPP as sure as you are sitting there. Or NAFTA went into effect, there were 285,000 auto workers in Michigan. Today, that number is only 160,000. Auto workers.

Detroit is still waiting for Hillary Clinton's apology. She has been a disaster. Obama has been a disaster. I expect Detroit will get that apology right around the same time Hillary Clinton turns over the 33,000 emails she deleted.


VAN SUSTEREN: And former New York City Mayor Rudy Giuliani is here right now.

Good evening, mayor.


Nice to talk to you.

VAN SUSTEREN: Nice to talk to you.

OK, mayor. What stood out in Donald Trump's speech to you?

GIULIANI: Well, the first thing I found is that the whole economic program is a very comprehensive one. It's one that works. It's one that's proven. It's basically what Kennedy did. It's basically what Reagan did. It happens to be what I did in New York City on a smaller scale. And that is we have lowered taxes. Reduced regulations. Became business-friendly because if you are business-friendly, you are jobs-friendly. And we didn't go in the direction of Hillary Clinton, which is socialism.

It's basically more people getting more things from the government. Let's expand Obamacare. Let's let the government take care of you. The government taking care of you is what Obama has been doing for eight years. And for eight years, we've had the slowest growth basically in our history since the Great Depression.

VAN SUSTEREN: He didn't mention anything about entitlements, about Medicare or social security. He has said before he is not going to cut those benefits. But you can't sort of look at the economy, and look at our budget, and look at, you know, spending and tax without taking into consideration that.

Why did he speak about those two?

GIULIANI: Well, I would say, first of all, this was an overall speech of a general approach to the economy. I don't remember Ronald Reagan speaking about those two, either. And then he was able to make a deal to save social security. Maybe Donald Trump has become, you know, as politically savvy as Ronald Reagan.

You don't touch the third rail of politics and expect to get elected. Ronald Reagan ran on almost exactly the same things that Donald Trump is running on, I ran on, and many governors who have turned around states.

And those decisions have to be made, where you've got to bring the other party into it so they bear some responsibility for it. It's the wisdom that president Obama lacked with Obamacare, by not bringing the Republicans in for some kind of a compromise.

And, Donald Trump understands we're going to have to deal with entitlements. What he doesn't want to do is frighten the American people and fall into the trap that Republicans fall into all the time which is that we don't want to take care of elderly people. We don't want to take care of children. We don't want to take care of people who are sick.

So I think he laid out a program that is really very, very intelligent program for how to grow the American economy. How to put America back to work again?

This is what has been missing. To reduce the corporate tax from 35 percent to 15 percent will bring billions and billions of dollars into the United States and millions and millions of jobs. And I'm going to tell you why I know that's true.

Because on my little small scale of New York City, that's what I did. And when I did it, everyone told me I was going to create a recession. I was going to create a deficit. Well, I already had a deficit. Everybody said what Hillary Clinton said today. And they all turned out to be wrong.

I turned a $2.5 million deficit into a $2.5 million surplus. I cut unemployment in half. I got 600,000 people off welfare, and I had more people working in New York City since nobody could remember when.

VAN SUSTEREN: All right. If you think that his speech today, you know, there are a lot of Republicans who have their feathers ruffled by Donald Trump.

Do you think today that he in any way sort of calmed those people down, sort of got them on the Trump train? He's got the added problems that now someone has thrown his hat in the ring, another Republican to run, which may sort of chip off a few votes.

But did he change things within his own party today?

GIULIANI: Yes, I believe he did. He is not going to win them all over. I think that group of former officials, you know, that came out against him, I think they made the point.

Donald Trump, make no mistake about it, is running against the Washington insiders. He is running against the way things are now, for change. So they are going to be Republicans who oppose him. But he will make that up with independents. He will make it up with some Democrats.

If you are for the way things are now, and the way they have been for the last 10 or 12 years, then vote for Hillary Clinton. If you want to change it, vote for Donald Trump.

And all those public officials who came out today who were Republicans and said all those things about Trump made Trump's' point.

He is running against the Washington, corrupt, rigged system that leaves out the little guy.

VAN SUSTEREN: Mayor, thank you for joining us.

GIULIANI: Thank you.